ESTATES AND TRUSTS in .NET

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431 ESTATES LEGAL BACKGROUND (a) (b) (c) (d) (e) (f) Executing a Will Will Provisions Rules under Intestacy Domicile Probate Procedures: Will Probate Procedures: Failure of Executor (g) Probate Procedures: Intestacy (h) Settlement of Small Estates (i) Fiduciary Responsibilities (i) Executor versus Administrator (ii) General Duties of Representatives (iii) Preliminary Administration (iv) Speci c Duties of Representatives (v) Possession of Assets (vi) Probate versus Nonprobate Assets (vii) Personal Property Exemptions (viii) Real Property (ix) Inventory of Assets (x) Valuation of Assets (xi) Management of Estate Funds (xii) Payments of Debts (xiii) Advertising for Creditors (xiv) Order of Debt Payment (xv) Source of Funds for Debt Payment (xvi) Administration Expenses (xvii) Distribution of Estate Assets (xviii) Payment of Legacies (xix) Abatement of Legacies (xx) Deductions from Legacies (xxi) Lapsed Legacies (xxii) Advancement and Hotchpot 2 2 2 3 3 4 4 5 5 5 5 5 5 6 6 6 6 6 7 8 8 8 8 8 9 10 10 10 10 10 10 11 (xxiii) Surviving Spouse s Right of Election against the Will (xxiv) Disclaimers (xxv) Decree of Distribution and Postdecree Procedure (xxvi) Funding of Trusts (j) Powers of Estate Representative (i) Executor versus Administrator (ii) Will Powers Not Conferred by Statute (iii) Will Powers versus Statutory Powers (k) Commissions of Representatives (l) Taxation of Estates (i) Final Individual Income Taxes (ii) Federal Estate Tax (iii) State Estate and Inheritance Taxes (iv) Generation Skipping Transfer Tax (v) Estate Income Taxes 432 ACCOUNTING FOR ESTATES (a) Governing Concepts (i) Accounting Period (ii) Principal and Income (iii) Treatment of Liabilities (b) Record-Keeping System (i) Journals (ii) Operation of a Going Business (iii) Final Accounting (c) Reports of Executor or Administrator 433 TRUSTS AND TRUSTEES LEGAL BACKGROUND (a) Nature and Types of Trusts (i) Limitations on Private Trusts
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ESTATES AND TRUSTS (ii) Revocation of Trusts (b) Appointment and Removal of Trustees (i) Choice of Trustee (ii) Methods of Appointment (iii) Acceptance or Disclaimer (iv) Resignation of Trustee (v) Removal of Trustee (c) Powers and Duties of Trustees (i) General Powers (ii) Duties (d) Proper Trust Investments (e) Trustee s Personal Liabilities and Liability for Acts of Co-Trustee (f) Guardians (g) Testamentary Trustee (h) Compensation of Trustees (i) Rights of Bene ciary (j) Distinction between Principal and Income (i) Receipts of Principal (ii) Disbursements of Principal (iii) Receipts of Income (iv) Disbursements of or Charges to Income (k) Principal and Income Special Problems (i) Unproductive Property 20 20 20 20 21 21 21 21 21 22 22 23 24 24 24 25 25 26 26 27 27 28 28 (ii) Accruals (iii) Dividends (iv) Premium and Discount on Bonds (v) Depreciation and Depletion (l) Tax Status of Trust (m) Termination of Trust 434 ACCOUNTING FOR TRUSTS (a) General Features (i) Accounting Period (ii) Recording Principal and Income (iii) Accounting for Multiple Trusts (iv) Treatment of Liabilities (b) Record-Keeping System (i) Journals (ii) Principal and Income Accounts (iii) Opening Books of Account (iv) Amortization of Bond Premium or Discount (v) Depreciation (vi) Payments of Expenses (c) Trustee s Reports 435 SOURCES AND SUGGESTED REFERENCES 28 29 29 29 30 30 31 31 31 31 31 31 31 32 32 32 32 32 32 33 33
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431 ESTATES LEGAL BACKGROUND
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(a) EXECUTING A WILL A will is a revocable instrument whereby a person makes a disposition of his property to take effect at death A prudent person should secure legal advice upon reaching the age of majority (age 18 in many states) If the attorney deems it advisable, such person should execute a will In the will, the testator (maker) should spell out in detail who is to inherit his property upon his death The testator may also name a person to administer the estate and select a guardian (a protector of the body and property of his children, if any) A will can be very simple or very complex depending on the extent of the testator s property and desires To be valid, the will must be properly executed according to state law Such state laws normally require the maker to declare that the document is his last will and testament and to sign it in the presence of at least two witnesses, who also sign Such witnesses, called subscribing witnesses, may later be called upon to testify about the maker s appearance of mental competence at the time of the execution of the will (b) WILL PROVISIONS Every will provision must be adhered to by the executor and the courts unless it is contrary to law or against public policy A typical will provides for:
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A statement revoking all prior wills and codicils An instruction to pay all just debts, expenses of administration, funeral expenses, and some-
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